Oct. 27 (oilnow.gy) Noble Corporation reported a net loss of US$117 million in the third quarter of 2026, widening from US$37 million in the preceding quarter, as a sharp increase in income tax expenses outweighed its pretax earnings.
The drilling contractor published its earnings on October 26, 2026.
The offshore drilling contractor recorded an income tax provision of US$133 million for the three months ended September 30, up from US$16.3 million in the second quarter. The increase pushed Noble into its second consecutive quarterly net loss, despite generating approximately US$16 million in pretax profit.
Noble’s quarterly revenue reached US$729 million in the preceding quarter but down from US$798 million a year earlier.
Its adjusted earnings before interest, taxes, depreciation and amortization (EBITDA), a measure of operating performance, declined to US$201 million from US$212 million in the second quarter.
Chief Executive Officer Robert Eifler said the quarter was affected by several drilling rigs transitioning between contracts, although two rigs in Brazil successfully resumed operations.
Noble’s contract drilling costs also increased to approximately US$469 million, compared with US$446 million in the preceding quarter.
Despite the weaker financial results, the company reported approximately US$560 million in new drilling contract awards since its July fleet status report, bringing its total contracted backlog to US$6.7 billion as of October 26.
The awards included drilling assignments in Nigeria, Ghana, Uruguay and Norway, alongside a capacity reservation agreement for light well intervention services in West Africa.
Noble narrowed its full-year 2026 revenue forecast to US$2.85 billion–US$2.9 billion and its adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) forecast to US$850 million–US$900 million.
It also raised its capital expenditure forecast to US$680 million–US$705 million, primarily reflecting higher spending reimbursable by customers.
In Guyana, Noble continues to support ExxonMobil‘s offshore drilling operations through four drillships: Noble Tom Madden, Noble Sam Croft, Noble Don Taylor and Noble Bob Douglas. All four remain contracted through February 2029 under a commercial enabling agreement with ExxonMobil.
Noble’s latest fleet report also lists the Noble Developer for a one-well ExxonMobil assignment in Guyana beginning in November 2026, valued at approximately US$22 million, including mobilization and demobilization fees.
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